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3828 Arizona St 9 Unit Apartment Building $3,825,000 ($425,000/Unit) 4.77% Cap Rate San Diego, CA 92104
Investment Highlights
- Desirable Unit Mix – 44% three-bedroom units, driving strong rental demand and premium pricing
- Major System Upgrades – Significant capital improvements completed, reducing near-term capex
- Walker’s Paradise (Walk Score: 94) – Located in the heart of North Park with immediate access to amenities
- Renovated + New Construction – 5 fully renovated units and 4 newly constructed residences
- Includes three off-street parking spaces for added convenience
- Premium In-Unit Amenities – Full-size laundry and air conditioning in each unit
Executive Summary
Whitewater Commercial Real Estate is pleased to present The Arizona Nine | North Park, a rare opportunity to acquire a 9-unit multifamily asset in the heart of one of San Diego’s most vibrant and walkable urban neighborhoods.
The property offers a compelling combination of five fully renovated units and four newly constructed residences, delivering the ideal blend of in-place income stability and new construction quality. The unit mix is highly attractive, with 44% of units comprised of spacious three-bedroom layouts, catering to strong demand from tenants seeking larger, high-quality housing options in an urban infill location.
Extensive upgrades to both interiors and major building systems position The Arizona Nine as a low-maintenance, turnkey investment, while its premier location—boasting a Walk Score of 94—places residents' steps from North Park’s top dining, retail, and entertainment amenities, and just minutes from Balboa Park.
The property offers a compelling combination of five fully renovated units and four newly constructed residences, delivering the ideal blend of in-place income stability and new construction quality. The unit mix is highly attractive, with 44% of units comprised of spacious three-bedroom layouts, catering to strong demand from tenants seeking larger, high-quality housing options in an urban infill location.
Extensive upgrades to both interiors and major building systems position The Arizona Nine as a low-maintenance, turnkey investment, while its premier location—boasting a Walk Score of 94—places residents' steps from North Park’s top dining, retail, and entertainment amenities, and just minutes from Balboa Park.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,825,000 | Apartment Style | Low-Rise |
| Price Per Unit | $425,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 4.77% | Building Size | 4,536 SF |
| Gross Rent Multiplier | 14.48 | No. Stories | 2 |
| No. Units | 9 | Year Built/Renovated | 1984/2025 |
| Property Type | Multifamily | Parking Ratio | 0.66/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | C-6 | ||
| Price | $3,825,000 |
| Price Per Unit | $425,000 |
| Sale Type | Investment |
| Cap Rate | 4.77% |
| Gross Rent Multiplier | 14.48 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,536 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1984/2025 |
| Parking Ratio | 0.66/1,000 SF |
| Zoning | C-6 |
Amenities
Unit Amenities
- Air Conditioning
Site Amenities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | $2,092 | 344 - 500 |
| 3+1 | 2 | $2,888 | 691 |
| 3+2 | 2 | $3,150 | 691 |
| Studios | 2 | $1,725 | 292 |
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Exceptionally walkable
90/100
Moderately drivable
70/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 453-042-03 | Total Assessment | $2,493,838 |
| Land Assessment | $1,374,264 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,119,574 | Tax Year | 2025 |
Property Taxes
Parcel Number
453-042-03
Land Assessment
$1,374,264
Improvements Assessment
$1,119,574
Total Assessment
$2,493,838
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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3828 Arizona St
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